Wheelstreet.com bike rental startup from India is part of prestigious Y Combinator 2017
Wheelstreet, India’s largest Motorbike rental marketplace has won a spot at the Y Combinator Summer 2017. YC is an American seed accelerator and is ranked as a ‘Platinum Plus Tier U.S. Accelerator’ by Forbes, 2017. The recognition from Y Combinator also gives Wheelstreet a USD 120K seed investment to support them with their growth. Wheelstreet had previously closed funding of $500K (around INR 3.4 Cr.) in a funding round from Broadbean Capital services, an early-stage seed and a Pre-Series A venture fund.
YC adopts acomplex shortlist process which takes several months. Partners at YC takeyour interview and review the company on multiple parameters. It is a 3-levelprocess which includes form submission, a video call interview, followed by aface-to-face interview at YC.Adds Pranay Shrivastava, Co-Founder & CEO: Wheelstreet, “InIndia the humble bike also known as the two-wheeler is the main mode of commuteeven today, and this is a huge market that has been largely overlooked. Wediscovered this opportunity well in advance and were the first movers to tapthe market. We have been witnessing healthy growth as a result and furthermorethe growth potential in this billion-dollar segment exhibits good uniteconomics and a low CAC. Wheelstreet has been profitable for some time now andwe plan to further expand this business PAN India, to firmly establish ourposition as market leaders. Nevertheless, this is just the beginning as thereare over 28000 bike vendors in India currently and only a mere 1% of thissegment is online. We believe that we still have a huge market opportunity totap into and YC will go a long way in helping us achieve our objectives.”
“Being apart of the ‘Sharing Economy’ which has the potential of 30 BillionUSD – Wheelstreet is in its third year of operations currently andhas been growing at a rapid pace clocking over 60% growth month on month inseveral quarters. Knowing the fact that India sold over 17 million units oftwo-wheelers, making it the largest two-wheeler market in the world, throwsopen a huge opportunity for the Bike renting platform. Our focus in the Indianmarket for the last couple of years has given us traction in the top 30 citiesin India. This opportunity with YC will aid Wheelstreet in further establishingits presence in India and then to be followed by global markets. Thecompany is also in the process of launching automated bike pickup and droplocations around the country to be operated without any human intervention.” -adds Moksha Srivastava – Co-Founder & CMO, Wheelstreet.
Wheelstreetoperations in a snapshot:
· Monthlybookings – 10,000
· Noof Cities operational - 27
· No.of vendors listed - 160+
· Traction– 121,000 sessions per month
Adds JaredFriedman, YC Partner, “YC's mission is to find and help founders thathave the potential to build the next billion-dollar company. India is a hotbedof creativity and talent, and we've seen a growing number of promising startupsfrom the region. Wheelstreet is one such example and we believe they canorganize the fragmented bike rental space in Asia. The strong Wheelstreet teamhas succeeded in building a robust operation within a short span of time. Wewish them the very best and look forward to partnering them every step of theway as they grow.”
“Technology is the backbone of anycompany and when it comes to consumer facing apps/interfaces, we need to keepin mind certain aspects which reflects the company’s USP. Wheelstreet as a resultsports best in class products in this space with features such as real-timeavailability tracking and remote problem solving capabilities for bike vendors.With these novel offerings, we are confident that no other product parallelsour solution in the market place today” adds JD Pawar, CTO,Wheelstreet.